Timur Turlov's Meteoric Rise to the Top
Timur Turlov surpassed Vyacheslav Kim to become the wealthiest individual in Kazakhstan.
In the buzzing world of business, Kazakh billionaire Timur Turlov has made a name for himself, recently climbing to the top spot among the country's wealthiest tycoons. According to Forbes' latest listing, Turlov is now the wealthiest Kazakh with a staggering fortune estimated at around $7.2 billion.
Initially, when Forbes published its list on May 8, Turlov was lagging behind Vyacheslav Kim, who was then the richest with a net worth of $7.1 billion. But over the past week, Turlov's wealth has seen a significant surge, catapulting him to the top spot. Vladimir Kim now trails in third place with $5.7 billion, followed closely by the Kulibayev brothers, each with $5.5 billion.
Globally, Turlov stands at 463rd, while Kim is ranked 474th.
This astronomical growth in Turlov's wealth can be attributed to the escalating value of his company, Freedom Holding Corp., listed on the New York Stock Exchange NASDAQ. On May 14, the company's market capitalization reached a whopping $10 billion, and by May 15, it had surpassed $10.27 billion.
As the CEO and founder of Freedom Holding, Turlov owns a considerable 69.52% of the company's shares. The stock price closed at a impressive $169.35 last trading day.
Freedom Holding is a multi-faceted company, serving as a retail brokerage and investment holding company primarily in Central Asia and Eastern Europe. Its extensive portfolio includes Freedom Bank, Freedom Broker, insurance companies Freedom Life and Freedom Insurance, Freedom Mobile, Freedom Credit, and online payment aggregator Freedom Pay.
Broadening Horizons
Beyond its core brokerage services, Freedom Holding is engineering a diversified digital ecosystem designed for resilience, scalability, and lasting impact. The company has already expanded into new markets like the UAE for B2B services and Turkey for retail operations, with licenses for the latter nearly finalized.
Recent developments include the company's inclusion in the esteemed Russell 3000 Index, a testament to its vibrant financial performance and growing influence in global financial markets. In Q3 FY2025, the company reported a remarkable revenue surge of 56.5% year-on-year.
Clearly, Timur Turlov’s business empire, centered around Freedom Holding Corp., has emerged as a formidable force in the financial services sector, fueled by its strategic expansion and diversified business model.
Additional Insights:
- Net Worth Variations: While different sources offer varying estimates for Timur Turlov's net worth, Forbes Kazakhstan values it at approximately $5.8 billion, Bloomberg at $6.1 billion, and another report at $3.3 billion[Footnote 1, 2, 3].
- Brokerage Expansion: Turlov's company, Freedom Holding Corp., is actively expanding its brokerage services into new markets like the UAE (B2B) and Turkey (retail), with obtaining licenses a near certainty[Footnote 1].
Sources:
- Freedom Holding Corp. Announces Inclusion in Russell 3000® Index
- Bloomberg - Timur Turlov Net Worth
- Forbes - The Richest People in Kazakhstan 2022
- Timur Turlov's elevated position as Kazakhstan's wealthiest tycoon is due in part to the significant surge in the value of his company, Freedom Holding Corp., which is listed on the New York Stock Exchange NASDAQ.
- As the CEO and owner of a considerable portion of Freedom Holding Corp., Timur Turlov has strategically expanded its business operations globally, diversifying into sectors like insurance, mobile services, and financing, while also engineering a resilient digital ecosystem.
